| ▲ | SpicyLemonZest 11 hours ago | |||||||||||||||||||||||||||||||||||||
It's a fair decision legally, but I'm really quite uncomfortable to see a large financial services company bragging that it defeated government regulatory efforts and its customers can now freely transact with a money laundering service. | ||||||||||||||||||||||||||||||||||||||
| ▲ | yokem55 11 hours ago | parent | next [-] | |||||||||||||||||||||||||||||||||||||
Eh... There's pretty good odds Coinbase will still give customers that either deposit to TC or have funds that came out of TC trouble because the broader AML compliance rules very much still exist. What this ruling does mean though is that the government can't prosecute a US person for using TC. | ||||||||||||||||||||||||||||||||||||||
| ▲ | Melting_Harps 10 hours ago | parent | prev [-] | |||||||||||||||||||||||||||||||||||||
>but I'm really quite uncomfortable to see a large financial services company bragging that it defeated government regulatory efforts and its customers can now freely transact with a money laundering service. You should, but not becuse of what you said but because it's selective application of the Law; for example this is still being upheld [0] as we speak and clearly innocent people are having their lives ruined for using software on something that only until recently wasn't even considered money by the IRS/FINRA et al. What you should feel uncomfortable with is the weight of a YC backed crypto exchange, ran by one of the most despised members of the community, being able to skirt around the legal system while others who do not have the political or business clout are held to a different standard in what was deemed 'overstepping' it's powers: > U.S. Court of Appeals for the 5th Circuit ruling, so they can't be blocked under the International Emergency Economic Powers Act, and the Treasury's Office of Foreign Assets Control "overstepped its congressionally defined authority" when it did so. PS: Armstrong represents the most reprehensible aspects of the Bitcoin community, but sadly due to a myriad of reasons (connections to banking and VC world being the top of that list) is now a custodial service for most of the non-self custody clients in this space. I cannot emphasize what a terrible outcome this is, and can only hope some good (like Samurai getting let go) comes from this travesty. | ||||||||||||||||||||||||||||||||||||||
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